Chubb unveils liability coverage package for family offices

Chubb unveils liability coverage package for family offices

Chubb has launched a new insurance package to help family offices with their various risks and liabilities.

Family Office Amplifier is a package of coverage that includes specialty terms and conditions, a company release said. The package addresses family office risks such as professional liability, trustee liability and employment practices liability.

“Family office directors, officers and executives face complex liability exposures - they are charged with adhering to a high level of fiduciary care in managing their high-net-worth clients’ wealth and assets. Failure to adhere to these fiduciary duties can result in costly litigation,” said Chubb Canada senior vice-president of Financial Lines Cameron Rose. “Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities.”

The package includes the following broad terms and conditions:

The definition of organization includes any trust, in addition to family office; subsidiary of the family office; private funds, including management entities such as general partners, managing members and advisors; and investment holding companies of any trust or private fund.

If the policy is renewed, claims can be reported up to 180 days after the policy has expired.

After a claim has been submitted and all requested information has been received, Chubb will advance defence costs to the insured within 90 days.

“Family Office Amplifier is a testament to Chubb’s broad and complementary capabilities that span its commercial and personal lines products and services,” said Chubb Canada senior vice-president of Personal Risk Services
Paul Johnstone. “We are excited about what this new suite of coverages offers our high-net-worth clients utilizing family offices.”